In Canada, Imperial Oil Ltd. (TSX: T.IMO, Stock Forum) has applied for regulatory approval to build a new Aspen oilsands project northeast of Fort McMurray, Alta., which would cost an estimated $7 billion. The first phase of Imperial's $12.9-billion Kearl oilsands mine north of Fort McMurray started up earlier this year. Imperial gained 2.3% to $46.43.

Meanwhile, a report from a federal review panel on Enbridge Inc.'s (TSX: T.ENB, Stock Forum) proposed Northern Gateway pipeline, which would link the Alberta oil sands with a tanker port on the B.C. coast, will be released Thursday following more than a year of hearings.

The highly-anticipated report on the controversial project will include the panel's recommendations for the project but the final decision on whether the pipeline can go ahead rests with the federal government. Enbridge rose 2% to $44.85.

Saputo Inc. (TSX: T.SAP, Stock Forum) will face just one rival in the home stretch to acquire Australia's oldest diary processor. Bega Cheese is withdrawing from the race for Warrnambool Butter & Cheese. Saputo's remaining rival is Murray Goulburn, which says its AU$9.50 cash offer is superior to Saputo's, which has a range from AU$9 to AU$9.60 depending on how much stock the Canadian company acquires.